Tianjin Binhai Energy & Development Co Ltd

The company's capital structure is highly leveraged, with a debt-to-equity ratio of 2.01, indicating that it is financed more by debt than equity. Liquidity is constrained, as evidenced by a current ratio of 0.53, which is below the typical threshold of 1.0 for healthy liquidity. The company reported negative operating income of CNY 1.02 million, yet it still generated a net income of CNY 2.18 million, likely due to non-operating gains or tax benefits.

Profitability metrics are weak, with a return on equity of 1.18% and a return on assets of 0.17%. These figures are below the typical thresholds for healthy returns in the Commodity Chemicals industry, suggesting that the company is underperforming relative to its asset base and equity capital.

The company's revenue is concentrated in a single business segment, as disclosed in its latest financial report, with no material geographic diversification reported. This lack of diversification increases exposure to regional economic and regulatory risks.

The company's growth trajectory is uncertain, as it reported a significant capital expenditure outflow of CNY 265.63 million, which may indicate investment in new projects or capacity expansion. However, the negative operating income suggests that these investments have not yet translated into improved operational performance.

Risk factors include medium liquidity risk, as the company's operating cash flow of CNY 81.76 million is insufficient to cover its long-term debt of CNY 373.05 million. The risk of dilution is currently low, as the number of basic and diluted shares outstanding is identical, and no recent dilutive events have been reported.

Recent filings and transcripts indicate that the company is focusing on cost optimization and operational efficiency to improve its financial performance. However, no material new product launches or strategic partnerships have been disclosed in the latest available documents.

Tianjin Binhai Energy & Development Co Ltd (000695.SZ) has been formally classified within the Chemicals activity and Basic Materials economic sector, marking a significant update to its operational taxonomy. This classification provides a clearer framework for understanding the company's core business operations, aligning its profile with industry standards for firms engaged in the production and distribution of chemical products. Alongside this sectoral definition, the company’s risk profile has been established with specific assessments for dilution and liquidity. The dilution risk is currently rated as low, suggesting that existing shareholders face minimal threat from equity issuance or similar capital structure changes. This assessment offers a baseline for evaluating the stability of shareholder ownership stakes. Conversely, the liquidity risk has been assessed at a medium level. This indicates that while the company maintains operational continuity, there may be moderate constraints or variability in its ability to meet short-term financial obligations without significant cost or delay. Investors should monitor this metric as a key indicator of the firm's financial flexibility and cash management practices. These updates collectively refine the analytical view of Tianjin Binhai Energy & Development, moving from an undefined status to a structured profile with clear sectoral and risk parameters. The combination of a low dilution risk and medium liquidity risk, set against the backdrop of the Basic Materials sector, provides a foundational context for further financial analysis and investment decision-making.

Revenue grew 15.5% year-over-year to CNY 574.7 million, demonstrating top-line expansion despite broader industry headwinds.

Cash conversion ratio of 37.45 ranks best-in-class among 600 commodity chemical peers, indicating superior operational efficiency.

Free cash flow improved by 58.1% year-over-year, suggesting a meaningful recovery in cash generation capabilities.

Dilution risk is assessed as low, providing relative stability for existing shareholders regarding equity structure.

Gross profit turned positive in FY-1 and FY-2, showing intermittent ability to generate margin before recent decline.

Debt-to-equity ratio of 2.01 places the company in the bottom quartile, indicating excessive financial leverage.

Operating margin of -0.77% ranks in the bottom quartile, reflecting persistent inability to generate operating profits.

Credit risk is flagged as high, raising concerns about the company's ability to meet its financial obligations.

Return on equity of 1.18% is below the cohort median of 3.61%, indicating poor capital efficiency.

Revenue ¥121.9M; Operating income ¥3.2M.

• ▍Revenue ¥121.9M
• ▍Operating income ¥3.2M
• ▍Net margin 0.2%

Revenue ¥131.1M; Operating income -¥40.0M.

• ▍Revenue ¥131.1M
• ▍Operating income -¥40.0M
• ▍Net margin -23.6%

Revenue ¥132.0M; Operating income -¥1.0M.

• ▍Revenue ¥132.0M
• ▍Operating income -¥1.0M
• ▍Net margin 1.7%

Revenue ¥497.4M, +44,6% YoY; Operating income +3,8% YoY.

• ▍Revenue ¥497.4M, +44,6% YoY
• ▍Operating income +3,8% YoY
• ▍Net income −60,9% YoY
• ▍Free cash flow −103,6% YoY
• ▍Net margin -5.9%

Revenue ¥343.9M, −17,2% YoY; Operating income +74,3% YoY.

• ▍Revenue ¥343.9M, −17,2% YoY
• ▍Operating income +74,3% YoY
• ▍Net income +82,3% YoY
• ▍Free cash flow −77,5% YoY
• ▍Net margin -5.3%

Revenue ¥415.1M, −15,6% YoY; Operating income −43,8% YoY.

• ▍Revenue ¥415.1M, −15,6% YoY
• ▍Operating income −43,8% YoY
• ▍Net income −79,8% YoY
• ▍Free cash flow −275,3% YoY
• ▍Net margin -24.7%

Revenue ¥491.6M; Operating income -¥114.3M.

• ▍Revenue ¥491.6M
• ▍Operating income -¥114.3M
• ▍Net margin -11.6%